Royale Energy Expands Leadership
May 22 2018 - 12:18PM
Royale Energy, Inc., (OTQBC:ROYL) announced today
the appointment of Board Director Rod Eson as chief executive
officer effective (immediately). Prior to accepting the chief
executive responsibilities at Royale, Mr. Eson served as the CEO of
Foothill Energy LLC, a California-focused company he founded in
2004. Mr. Eson formed Foothill Energy after serving as executive
vice president, and president and CEO of Venoco Inc., an oil and
gas exploration and production company that primarily operated in
California. Eson co-founded Venoco in 1992 and sold his interest in
2004. Mr. Eson is a board member and former chairman of the
California Independent Petroleum Association and has been a member
of the Society of Petroleum Engineers for over 30 years. Mr. Eson
will continue Royale’s focus on developing the assets acquired in
the Matrix Oil merger, expanding its drilling programs in Northern
California, and pursuing further accretive acquisition
opportunities.
Following the successful funding of the new joint venture
development company, Jonathan Gregory resigned as Royale’s CEO and
assumed full-time leadership of the joint venture, thereby focusing
his efforts on enhancing the value of this very meaningful Royale
investment. Mr. Gregory provided strong vision, clear guidance and
steadfast determination in completing the merger and positioning
Royale to achieve long-term shareholder value. Mr. Gregory
continues to serve as a member of Royale’s board of directors.
“Mr. Eson has a tremendous career record leading and growing
independent oil and gas companies. He is well-regarded amongst his
peers in the industry and is exactly the right leader for this next
phase of Royale’s ongoing growth plan,” said Mr. Gregory. “With Mr.
Eson’s focus on Royale, and my focus on the joint venture, Royale’s
shareholders are in an even better position to see value
created.”
Mr. Eson added, “I’m excited about Royale’s combined inventory
of assets, acquisition targets and strategic relationships. The
current industry climate and the improved company financial
condition is a perfect recipe for further success.”
Johnny Jordan will continue to serve as president, focused on
acquiring, developing and executing on the company’s exploration
and production activities, while Don Hosmer will continue to lead
Royale’s successful and long-standing direct working investment
programs. Harry Hosmer will continue to serve as chairman.
Stephen Hosmer, who will continue as chief financial officer of
Royale stated, “This is another important step in positioning the
company for a return to a robust position on a National Market
exchange.”
Mr. Eson added, “In the coming days we will announce the date
for our annual shareholders meeting and present an outstanding
slate of board of director nominees for shareholder
consideration”
About Royale Energy. Inc. Royale Energy, Inc.
(OTCQB:ROYL) is an independent exploration and production company
focused on the acquisition, development, and marketing of oil and
natural gas. The Company has its primary operations in California’s
Los Angeles and Sacramento Basins.
Forward-Looking Statement In addition to
historical information contained herein, this news release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, subject to various risks
and uncertainties that could cause the company’s actual results to
differ materially from those in the “forward-looking” statements.
While the company believes its forward looking statements are based
upon reasonable assumptions, there are factors that are difficult
to predict and that are influenced by economic and other conditions
beyond the company’s control. Investors are directed to consider
such risks and other uncertainties discussed in documents filed by
the company with the Securities and Exchange Commission.
Contact: Royale Energy, Inc. Chanda Idano
Director of Marketing & PR 619-383-6600 chanda@royl.com
http://www.royl.com
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